Printed on February 18, 2015 RBC U.S. Equity Fund (US$) No. of Funds in Category N/A Fund Category US Equity Morningstar Rating™ QQQ Investment Objective Portfolio Analysis as of January 31, 2015 To provide long-term capital growth by investing in equity securities of U.S. companies to provide broad exposure to economic growth opportunities in the U.S. market. Asset Mix % Assets Cash 1.6 Fixed Income 0.0 Canadian Equity 0.1 US Equity 96.7 International Equity 1.6 Other 0.0 Fund Details Series Load Structure Currency Fund Code A I No Load No Load USD USD RBF449 RBF245 Equity Style Income Distribution Capital Gains Distribution Annually Annually Sales Status Min. Investment $ Subsequent Investment $ Open 500 25 Management Company RBC Global Asset Management Inc. www.rbcgam.com Web Site Notes Minimum investment for Series I units of the Fund is $200,000. Minimum additional investment is $5,000. Please note the “Since Inception” rate of return includes data from October 1972 only. Equity Statistics P/B Ratio P/E Ratio 2.6 17.6 Avg. Mkt Cap. $B 63.7 Small July 1966 3,648.9 25.09 2.11 S&P 500 Total Return Index (US$) Large Mid Inception Date Total Fund Assets $Mil Series A NAV $ Series A MER % Benchmark Top 10 Holdings % Assets Apple Inc Microsoft Corp General Dynamics Corp Wells Fargo & Co UnitedHealth Group Inc 3.5 2.5 1.5 1.4 1.4 Berkshire Hathaway Inc Class B Citigroup Inc Bank of America Corporation Eli Lilly and Co Intel Corp 1.4 1.3 1.3 1.3 1.2 Total % of Top 10 Holdings Total Number of Stock Holdings Total Number of Bond Holdings Total Number of Other Holdings Total Number of Holdings 16.9 327 0 1 328 Value Blend Growth Global Equity Sectors % Equity Information Technology Health Care Financials Industrials Consumer Discretionary Consumer Staples Energy Utilities Materials Unclassified Telecommunication Services 20.3 15.9 14.5 13.7 11.7 9.9 6.4 5.6 2.1 0.0 0.0 Performance Analysis as of January 31, 2015 18 16 14 Growth of $10,000 Series A $15,212 12 10 8 6 20 0 Calendar Returns % Series A -20 -40 -60 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD 5.5 — 11.3 — 15.8 — -40.2 — 24.0 — 10.4 — -6.4 — 10.9 — 26.5 — 6.9 — -2.6 — Fund Quartile 1 Mth 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Since Incep. Trailing Return % -2.6 — — -1.4 — — 2.0 — — 8.4 — — 11.7 — — 9.6 — — 4.5 — — 6.1 — — Fund Quartile No. of Funds in Category ©2015. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure page. Printed on February 18, 2015 RBC U.S. Equity Fund (US$) Management Overview Manager Bios Performance Analysis Cont'd as of January 31, 2015 Ray Mawhinney Distributions ($)/Unit RBC Global Asset Management Inc. Total Distributions Interest Dividends Capital Gains Return Of Capital Ray Mawhinney is Senior Vice President, U.S. and Global Equities. He has been in the investment industry since 1984. YTD* 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 — — — — — 3.02 — — 3.02 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Stuart Morrow Ended 1 Yr Ended RBC Global Asset Management Inc. Best/Worst Periods % Stuart is a Portfolio Manager for U.S. Equities and leads the Global Analyst Team. He started at RBC in 1998. Stuart briefly left RBC Global Asset Management to join another firm as a Sell-Side Analyst, returning in March 2008 as a Senior Financial Analyst; he was promoted to Manager, Global Equity Research in 2009. Stuart holds the CFA designation. 7-1997 3-2000 Best 45.3 2-2009 3-2003 Worst -43.7 Average 7.0 No. of Periods 289 Pct. Positive 74.4 * Distributions are characterized into income type at year-end. 3 Yr Ended 5 Yr Ended 10 Yr 21.4 -17.2 6.0 265 73.6 3-2000 2-2009 18.1 -6.1 5.5 241 69.7 9-2000 8-2010 12.5 -3.3 4.7 181 85.1 Quarterly Commentary as at December 31, 2014 RBC U.S. Equity Fund US$ (Series A) gained 2.4% in Q4, compared to 4.9% for its benchmark. Strength in the U.S. gathered momentum over the year, offsetting a sluggish global economy, after a weak start to 2014 due to colder-than-usual weather in the eastern U.S. The quickening U.S. economy was marked by improved consumer spending and employment growth, which prompted the U.S. Federal Reserve to conclude its program of extraordinary economic stimulus, known as quantitative easing, and pave the way for higher benchmark interest rates sometime in 2015. Inflation stayed low, holding down borrowing costs, and oil prices dropped fast and far, providing a lift to U.S. consumers as the holiday shopping season got underway. In this environment, large-cap stocks outperformed smaller-capitalization issues. selection in the Consumer Discretionary, Health Care, and Financial sectors, along with a lack of relative exposure to the Information Technology sector, which performed well. Part of the underperformance in stock selection can be attributed to significant rotation within these sectors. On the positive side, the Fund benefited from below-benchmark exposure to the Energy, Telecommunication Services and Basic Materials sectors, as all three underperformed the broader market. The Fund’s underperformance was due to stock The portfolio manager remains somewhat optimistic about U.S. equity markets in 2015 in an environment of rising corporate earnings, low inflation and falling commodity prices for the foreseeable future. However, valuations for U.S. companies are near fair value, suggesting more moderate equity returns and greater volatility than we have seen in recent years. Major Buys Major Sells Advance Auto Parts Kraft Foods Oracle Corp Ross Stores United Technologies Con-Way Inc. Dow Chemical IBM McDonalds Corp Netflix ©2015. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure page. Printed on February 18, 2015 RBC U.S. Equity Fund (US$) Disclosure RBC Funds, PH&N Funds and RBC Corporate Class Funds are offered by RBC Global Asset Management Inc. and distributed through authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or Fund Facts document of the mutual fund before investing. Except as otherwise noted, the indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed or covered by the Canadian Deposit Insurance Corporation or by any other government deposit insurer. For money market funds, there can be no assurances that the fund will be able to maintain its net asset value per unit at a constant amount or that the full amount of your investment in the fund will be returned to you. The value of mutual funds change frequently and past performance may not be repeated. This document has been compiled by RBC Global Asset Management Inc. (RBC GAM) from sources believed to be reliable, but no representations or warranty, express or implied, are made by RBC GAM, its affiliates or any other person as to its accuracy, completeness or correctness. All opinions and estimates constitute RBC GAM's judgment as of the date of this document, are subject to change without notice and are provided in good faith but without legal responsibility. The Top Ten/25 Holdings may change due to ongoing portfolio transactions within the fund. The prospectus, Fund Facts document, and other information about the underlying investment funds are available at www.sedar.com. MER (%) for RBC Funds and PH&N Funds is based on actual expenses for the full-year period, January 1 to December 31, 2014, expressed on an annualized basis. MER (%) for RBC Corporate Class Funds is based on actual expenses for the half-year period April 1, 2014 to September 30, 2014, expressed on an annualized basis. Graphs are only used to illustrate the effects of the compound growth rate and do not reflect future values of any fund or returns on investment of any fund. The fund profile is provided for informational purposes only. Particular investments and/or trading strategies should be evaluated relative to each individual’s investment objectives. The information contained in the fund profile is not, and should not be construed as, investment or tax advice. You should not act or rely on the information contained in the fund profile without seeking the advice of an appropriate professional advisor. Quartile rankings are determined by Morningstar Research Inc., an independent research firm, based on categories maintained by the Canadian Investment Funds Standards Committee (CIFSC). Quartile rankings are comparisons of the performance of a fund to other funds in a particular category and are subject to change monthly. The quartiles divide the data into four equal segments expressed in terms of rank (1, 2, 3 or 4). This is the Morningstar quartile ranking of Series A units of the Fund as of December 31, 2014. Morningstar ratings are overall ratings reflecting risk adjusted performance as of December 31, 2014. The ratings are subject to change every month. The ratings are calculated for funds with a minimum of 3 years of performance, calculated from the funds' 1 and 3 year average annual returns measured against a 91-day Treasury Bill return with appropriate fee adjustments. The top 10% of the funds in a category receive 5 stars (high); if the funds fall in the next 22.5%,they receive 4 stars (above average); a place in the middle 35% earns a fund 3 stars (neutral or average); those in the next 22.5% receive 2 stars (below average); and the lowest 10% get 1 star (low). Ratings are just one factor to consider when investing. For more information, please see www. morningstar.ca. ® / ™ Trademark(s) of Royal Bank of Canada. Used under licence. © RBC Global Asset Management Inc. 2015 ©2015. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure page.